5 Things To Check Before Subscribing To Echeck Processing Service

by Kay Fione       Congratulations! So you finally decided to offer a flexible check payment options for your customers. Now, they can pay with their checks when they come to your shop. You can can then scan and convert these paper checks into the electronic format. Or they can pay with their electronic checks in your online store. Your customers with no credit cards will surely appreciate the ease and convenience of paying with their checks.     But before your store or your online shop can accept electronic check payments, you must first subscribe to echeck processing service. Many processing companies offer this service. Before you settle for your processor, be sure you tick off the following important checklist: <ol><li>ASK HOW SOON WILL THE FUND TRANSFER TAKES PLACE Electronic processing companies have varying time periods to complete the fund transfer from a customer's bank to your account. Big time processors take around 48 hours. At the other end are some small time echeck processing service providers that can take as much as five working days. As a merchant, you should have a rough estimate of how soon you can have your money. Business experts advice that it's best to settle on the average 2 or 3 days. Look for an echeck processing company that can deliver this prompt service. </li><li>KNOW THE FEES Don't just dive right in and sign the contract . You should first compare their fees and charges with other processors. Be very ware of hidden fees. And don't be too gullible accepting the so-called “ free” service like free application fee. For in the first place, why would you be charged for filling up an application paper? It simply doesn't make sense. And remember that echeck processing companies are there to make money. If they offer you some free service, be warned that they would recoup it somehow by bloating up their other fees. So wise up. Be alert and know the fees. </li><li>CHECK THE BETTER BUSINESS BUREAU Of course, you should always settle for a processing company that offers competitive rates. However, if you come across an electronic check processor that charges incredibly low fees, be suspicious. You are not being paranoid when you do. Rather, you are making sure that you get what you pay for and not some empty hanky-panky promises. To double-check, contact the Better Business Bureau and check with them. Make sure that the company is listed on it. </li><li>UNDERSTAND THE WHOLE PACKAGE DEAL Don't just be contented with the premise that your processor will take care of your echeck processing needs. Go over your package and discuss each item with them. Would you be charged with a flat monthly rate or on a per-transaction basis? Do you have any quota amount to maintain each month? What if the check bounces? Also, find out if your deal includes a free equipment installation or you have to buy the equipment yourself. </li><li>READ THE CONTRACT WELL So many merchants rush into signing the echeck processing contract without reading it. They would just be surprised when they are charged with excessive penalty charges and fees. Of course, such unfortunate incidents could have been avoided if merchants only read the contract well. It's a must in the business world. Industry experts advice that you bring along your lawyer with you to read the contract before signing it. If this is not possible, ask to bring the contract home so you can read and study it carefully. In your decision to get echeck processing service, you should always examine all facts and details in the contract. Only by doing so can you be assured that you get the kind of service that will be geared to the best interest of your business. </li></ol>    ( Kay Fione is an electronic banking authority with years of solid experience. She finished her Banking and Finance course as an honor student at the University of Minnesota. She currently works as an executive in an Australian bank. Miss Fione serves as business consultant for several echeck processing companies, including <a href="http://www.echeckprocessing.biz/">www.echeckprocessing.biz</a>. She loves snorkeling and writes business articles on her free time. Kay lives with her husband and four kids.) <a href="http://www.onlywire.com/submit?u=http://www.echeckprocessing.biz/5_things_to_check_before_subscribing_to_echeck_processing_service.html;t=check%20processing;tags=Check%20processing" target="_blank" title="Add this Article to Onlywire"><img src="http://www.onlywire.com/i/onlywire.ico" alt="" />Add to Onlywire!</a>

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